General Motors has agreed to settle class action claims for economic losses suffered by owners and lessees of vehicles that were recalled in 2014 for problems related to the ignition switches, power steering, key rotations and side airbag wiring.
The plaintiffs claim they overpaid for their vehicles, allegations denied by GM which decided to settle the lawsuit because of the continuing expense of additional litigation.
Although the lawyers who sued are expected to receive $34.5 million, no estimates have been reached about what vehicle owners may receive because much depends on how many owners and lessees file claims.
However, the class action mediator decided that members of two subclasses with claims relating to the ignition switch (Delta ignition switch, and key rotation) had stronger claims than those of the other three subclasses.
The amount of the payment will be greater for claims in those two subclasses than in the other three subclasses (Camaro knee-key subclass, electronic power steering subclass, and side airbag subclass).
The settlement does not include the release of claims for wrongful death, physical injury or personal injury.
Customers who want to retain their right to sue GM about economic loss claims must exclude themselves from the class action by October 19, 2020.
In addition, customers who object to the settlement terms may object by the same date.
The proposed GM settlement agreement includes all consumers, businesses and organizations which on or before GM's 2014 recalls purchased or leased those recalled vehicles.
The court will hold a settlement hearing on December 18, 2020.
For more information, call 877-545-0241 or visit www.GMIgnitionSwitchEconomicSettlement.com.
SOURCE: CarComplaints.com — GM Agrees To Settle Recall Economic Loss Claims
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